THELOGICALINDIAN - The Bitcoin Foundation on Tuesday asked governmentto investigate the Department of Justice DOJ The bureau is activity afterwards merchants and vendors on the area they are affairs bitcoin as actionable money transmitters However the Bitcoin Foundation said bitcoin is not money at atomic not how Senate Bill 1241 is defining it The Bitcoin Foundation additionally took affair with the actuality government believes agitation is actuality financedby cryptocurrency
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Llew Claasen, controlling administrator of the Bitcoin Foundation, wrote a letter to the Senate Judiciary Committee. He takes affair with Section 12 of the “Combating Money Laundering, Terrorist Financing and Counterfeiting Act of 2017.” This piece of the bill expands the way money transmitters accumulate annal so government can clue money launderers. The bill was originally alien by politicians Dianne Feinstein (D‑CA), John Cornyn (R‑TX), Chuck Grassley (R‑IA), and Sheldon Whitehouse (D‑RI).
Are Cryptocurrencies Money?
In the Bitcoin Foundation letter, Claasen argued that bitcoin is not money the way governments are defining it. He said:
Claasen added stated governments charge to do added analysis on cryptocurrencies afore jumping the gun. They assume to be advancing cryptocurrency after acceptance it is absolutely “money.” The Bitcoin Foundation argued in the letter that altered government agencies do not alike accept bendability in their definitions of cryptocurrency. For instance, the IRS claims it is a property. However, the Financial Crimes Enforcement Network has basically alleged it money. This aberration aural government creates abashing in the law. This is why the Bitcoin Foundation asked the Government Accountability Office to investigate the DOJ.
Are Terrorists Using Bitcoin?
The Bitcoin Foundation additionally against the DOJ’s notion that terrorists are application bitcoin to accounts their activities. Claasen’s letter read, “In the account absolution announcement the Bill’s introduction, Senator Grassley absolutely states that he is targeting agenda currencies because of its abeyant use by agitator organizations. Contrary to this assertion, there is little to no systemic affirmation that agitator organizations use basic currencies.”
The letter additionally acicular out that terrorists will not use blockchain technology, especially bitcoin, because it is awful traceable. It does not accomplish faculty for a bent to use such a awful cellophane banking instrument. Furthermore, the Bitcoin Foundation says that abyss will abide to armamentarium their activities the way they consistently have: with authorization currency.
However, alike admitting assorted groups are authoritative able arguments for bitcoin and abnegation the abstraction that it funds terrorism, abounding politicians assume to be overextension fear. In Australia, their political leaders accept fabricated agnate arguments. They said most afresh that cryptocurrency is actuality heavily acclimated by organized bent syndicates to armamentarium their actionable enterprises.
Amend The Statute
As a aftereffect of the inconsistencies and adulterated information, Claasen and the Bitcoin Foundation absolutely appetite government to stop activity afterwards “illegal money transmitters.” A Theregister article clarified the position:
“Citing three prosecutions of Bitcoin sellers back 2024, Claasen goes on to abuse the DoJ’s use of money transmitting laws to go afterwards Bitcoin sellers. Bitcoin, he insists, is not covered beneath these laws, and if Congress wants it to be, legislators should alter the adapted statute.”
Do you anticipate the DOJ should be investigated? Do you accept bitcoin is money? Let us apperceive in the comments area below.
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